South Korea's Joint Chiefs of Staff said the projectile was launched at around 5:07 p.m. and that military authorities were analyzing its type, flight distance and other details.
Japan's Defense Ministry said the projectile could be a ballistic missile and appeared to have already fallen outside Japan's exclusive economic zone.
If confirmed as a ballistic missile, it would mark North Korea's first such launch in about a week. Pyongyang fired a ballistic missile from Wonsan, Kangwon Province toward the East Sea on Aug. 12, with the missile traveling more than 700 kilometers. It also launched a short-range ballistic missile from the same area on Aug. 6.
Thursday's launch came during the annual Ulchi Freedom Shield (UFS) exercise, which began Monday. The exercise had originally been scheduled to run for 11 days through Aug. 27, but South Korea and the U.S. agreed to end it Friday, Aug. 21, and reduce some field training drills after Trump ordered the Pentagon on Aug. 16 to "substantially" scale back U.S. participation.
Trump has cited the cost of the exercises and his relationship with North Korean leader Kim Jong-un in calling for their reduction, while also saying this week that he plans to meet Kim later this year. Kim's sister Yo-jong, dismissed the cut as insufficient, saying the exercise remains provocative despite being shortened.
The launch also came as Wang concluded his two-day visit to Seoul. Wang held talks with Foreign Minister Cho Hyun the previous day and met President Lee Jae Myung on Thursday, with the Korean Peninsula and efforts to revive dialogue with North Korea among the key issues discussed.
Wang said Beijing would continue to play a "constructive role" in promoting peace and stability on the Korean Peninsula.
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